3122 NEW ZEALAND GAZETTE No. 125

Statement of Cash Flows for the Period Ended 31 March 1989

| Cash flows from investing activities— | |
| Cash was provided from: | |
| Sale of shares | 4,184,000|
| Cash was applied to: | |
| Investment in shares |(4,184,000)|
| | |
| Net cash flows from investing activities| 0 |
| Increase (decrease) in cash held | (2,712) |
| Add cash at 1 April 1988 | 0 |
| | |
| Cash at 31 March 1989 | (2,712) |

Notes to the Financial Statements for the Period Ended 31 March 1989

1. Statement of Accounting Policies

General Accounting Policies

The general accounting policies adopted in the preparation of these financial statements are:

• The measurement base adopted is the historical cost basis.
• Reliance has been placed on the fact that the entity is a going concern.
• The matching of revenues earned and expenses incurred using accrual accounting except that dividend income is accounted for on a receipts basis.

Particular Accounting Policies

The following are the particular accounting policies which have a material effect on the measurement of results and financial position:

(a) Dividend Income: Dividend income from Trust Bank New Zealand Limited is included in the income and expenditure account when it is received.

(b) Grants: Grants made are included in the income and expenditure account when paid.

(c) Investments: Shares held in Trust Bank New Zealand Limited are stated at cost.

2. Dividends

3. Investments

4. Taxation

For taxation purposes the trust is deemed to be a charitable organisation. Its income is not subject to taxation.

5. Goods and Services Tax

The trust is not registered for Goods and Services Tax purposes. Accordingly these financial statements are stated on a G.S.T. inclusive basis.

Auditors’ Report to the Trustees of the Trust Bank Bay of Plenty Community Trust

We have audited the financial statements in accordance with accepted auditing standards, and have conducted such procedures as we considered necessary.

In our opinion the financial statements give a true and fair view of the financial position of the trust as at 31 March 1989 and the results of its activities for the year ended on that date.

ERNST & WHINNEY, Chartered Accountants.
Tauranga.
Dated this 29th day of May 1989.

Schedule of Distribution of Income by Way of Grants for the Period Ended 31 March 1989

Trust Bank Eastern and Central

Trustee Banks Restructuring Act 1988

Trust Bank Eastern and Central Community Trust

Income and Expenditure Account for the Period Ended 31 March 1989

(The notes to the financial statements form part of and are to be read in conjunction with the above account.)

Balance Sheet as at 31 March 1989

| Represented by | | |
| Current assets— | | |
| Deposits | | — |
| Sundry debtors and accruals | | 100 |
| Total current assets | | 100 |
| | | |
| Less current liabilities— | | |
| Sundry creditors | | 5,794 |
| Trust Bank Central Limited—current account | | 13,453 |
| Total current liabilities | | 19,247 |
| | | |
| Working capital | | (19,147) |